Make sure you know what fees you will pay before you open an account – and don't pay for services you don't need.
2 types of fees
1. Transaction fees
You may be charged when you make purchases with a debit card, withdraw cash or pay bills.
Fees for using a bank machine (ATM) are often cheaper than using a teller in a branch. But you may pay extra fees if you use an ATM from a different bank or in a different country, or if you make withdrawals over the limit.
Ask about paying a set monthly fee if you have a lot of transactions each month.
2. Service fees
You may be charged when you move money between accounts, update your balance or have the bank mail your monthly statement.
Fees may be waived if you keep a minimum account balance.
Do you have a lot of transactions each month? If you're paying for each transaction, find out if it would save you money to pay a set monthly fee instead.
Compare account fees and charges
Financial institutions compete for your business. It's worth shopping around to compare fees and packages. Use this Savings Account Selector Tool to compare savings account fees and charges across Canada.
Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca
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